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Austria's OMV and partners plan to invest up to $6 billion initially to develop the Arctic Wisting oil find, Norway's northernmost oil discovery, which could start production within a decade, a senior executive said on Wednesday.

The oil find at the Kunama-1 well, which was drilled by the GW 215 Rig to a total measured depth of 2,460m, marks the firm’s third consecutive discovery in its maiden exploration campaign in the R3 portion of the R3/R4 PSC Area in ARB.

Norwegian oil giant Statoil unveiled on Tuesday it discovered at least 30 million barrels of oil in the Grane area in the Norwegian waters of the North Sea, being a result of a recent re-evaluation of the area.